B. Com Economics - Quick Revision Notes
📖 1. Meaning of Economics
Economics is the study of how people use limited resources to satisfy unlimited wants.
Two branches:
Micro Economics (individual units)
Macro Economics (whole economy)
📊 2. Demand
Demand = Quantity of goods a consumer is willing to buy at a given price
🔹 Law of Demand:
👉 When price increases → demand decreases
👉 When price decreases → demand increases
🔹 Types of Demand:
Individual demand
Market demand
📈 3. Supply
Supply = Quantity of goods a seller is willing to sell
🔹 Law of Supply:
👉 When price increases → supply increases
⚖️ 4. Market Equilibrium
Point where Demand = Supply
Determines market price
💡 5. Elasticity of Demand
Measures how demand changes with price
Types:
Elastic demand
Inelastic demand
📖 1. Meaning of Economics
Economics is the study of how people use limited resources to satisfy unlimited wants.
Two branches:
Micro Economics (individual units)
Macro Economics (whole economy)
📊 2. Demand
Demand = Quantity of goods a consumer is willing to buy at a given price
🔹 Law of Demand:
👉 When price increases → demand decreases
👉 When price decreases → demand increases
🔹 Types of Demand:
Individual demand
Market demand
📈 3. Supply
Supply = Quantity of goods a seller is willing to sell
🔹 Law of Supply:
👉 When price increases → supply increases
⚖️ 4. Market Equilibrium
Point where Demand = Supply
Determines market price
💡 5. Elasticity of Demand
Measures how demand changes with price
Types:
Elastic demand
Inelastic demand
